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Portfolio Management and Wealth Planning【Reading 11】

Which of the following has favorable tax treatment under a “flat and heavy” tax regime?
A)
Capital gains.
B)
Dividend income.
C)
Interest income.



The tax on ordinary income is flat and there is not a favorable tax treatment for dividend income and capital gain income. Interest income has a favorable treatment.

With respect to the “heavy dividend” tax regime and the “heavy interest” tax regime, which if either usually has a progressive ordinary income tax structure?
A)
The heavy interest tax regime only.
B)
Both.
C)
The heavy dividend tax regime only.



Both have progressive tax structures for ordinary income. They differ on having a less favorable tax structure for the indicated source of income.

TOP

Among global tax regimes, the common progressive tax regime has a favorable tax treatment for:
A)
interest income and dividend income but not capital gain income.
B)
interest income, dividend income, and capital gain income.
C)
dividend income and capital gain income but not interest income.



The common progressive tax regime tends to have a favorable tax treatment for all three.

TOP

The tax rate is 34%. An investment of $5,000 earns a pre-tax return equal to 8%, which is taxable each year. What will the investment be worth in ten years after taxes?
A)
$8,056.
B)
$7,124.
C)
$8,364.



After-tax value = $5,000 × [1 + 0.08 × (1 − 0.34)](10) = $8,364.28

TOP

An investor holds the same investment in three different accounts. Which of the following accounts will have the lowest risk?
A)
A TDA.
B)
A tax-exempt account.
C)
A taxable account.



The taxable account will have the lowest risk because the government essentially shares the risk of the investment with the investor when it is taxed annually. When taxed annually, the standard deviation of the investment returns is reduced by (1– TI).

TOP

The nation of Pensacola is best described as having a flat and heavy tax regime. Which of the following assets would be most appropriate for Pensacola investors using a TDA?
A)
High dividend yielding stocks.
B)
Tax-exempt bonds.
C)
Interest bearing, taxable bonds.



In a Flat and Heavy Tax Regime, interest income receives favorable tax treatment but dividends do not. The high dividend yielding stocks are therefore most appropriate for a TDA. Tax-exempt bonds don’t require the tax protection provided by a TDA.

TOP

All else being equal, which of the following investors will have the highest future accumulations?
A)
A passive investor.
B)
An active investor.
C)
A trader.



The passive investor will pay a low tax rate on a deferred basis and have the highest accumulation of the three investors. The active investor will have the next lowest future accumulation because although gains are taxed at a lower rate, the gains are taxed every year. The trader will have the lowest future accumulation because her capital gains will be short-term and taxed at a high rate. The gains will also be taxed every year.

TOP

A stock is expected to increase in value from $500 to $1,000 over a five-year period. The applicable capital gains tax rate is 28%. What is the expected after-tax value in five years?
A)
$781.
B)
$860.
C)
$552.



The pre-tax investment return is 14.87% =($1,000/$500)(1/5) – 1.
The formula for the future-value interest rate factor is FVIFCGT = [(1 + R)N(1 – TCG) + TCG]
1.72 = [(1.1487)5 (1 – 0.28) + 0.28]. Thus, the after-tax value in five years is expected to be $860 = $500 × 1.72.

TOP

An investor has €600,000 invested in equity in a TDA and €400,000 invested in bonds in a tax-exempt account. The relevant tax rate is 35%. What is the investor’s asset allocation on an after-tax basis?
A)
49.4% in stocks and 50.6% in bonds.
B)
44.9% in stocks and 55.1% in bonds.
C)
69.8% in stocks and 30.2% in bonds.



The investor has €390,000 [(€600,000 × (1 – 0.35)] invested in equity on an after-tax basis. The bonds in the tax-exempt account are not subject to taxation. On an after-tax basis, the investor has 49.4% in equity [390,000 / (390,000 + 400,000)] and the other 50.6% in bonds [400,000 / (390,000 + 400,000)].

TOP

Assume that €125,000 is invested in a TDA. What is the after-tax balance in the account after 15 years if the tax rate is 28% and the pre-tax return is 11%?
A)
€598,074.
B)
€430,613.
C)
€392,138.



The balance in the account after payment of taxes in 15 years uses the future value interest factor for a TDA (FVIFTDA):
FVIFTDA = (1 + R)N (1 − TN)
FV = 125,000[FVIFTDA]
FV = 125,000[(1.11)15(1 − 0.28)
FV = 430,613

TOP

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